SAP Founder Sells Millions in Shares

Klaus Tschira, one of the four founders and major shareholders of German software giant SAP, has sold nearly 600 million euros' ($828 million) worth of shares in the company he set up, he revealed in a newspaper interview published Tuesday. Tschira told the Financial Times Deutschland that he had sold "nearly five million shares" or 1.6 percent of SAP's share capital via his family foundation. Another of SAP's founders, Dietmar Hopp, had said at the end of March that he planned to retire from the company's supervisory board in May. SAP's founders currently hold nearly a third of the company's share capital, with Tschira alone holding close to 10 percent. In late morning trade on the Frankfurt stock exchange, SAP shares were showing a gain of 0.48 euros or 0.39 percent at 123.09 euros.